Naked Energy is a solar thermal developer that heats water for use in both residential and commercial settings.

The £17m is to be used to help develop its “Virtu” product range.

Unlike a traditional PV developer which uses solar power for electricity generation Naked Energy uses it for heat as well.

The funding round was led by E.ON Energy Infrastructure Solutions, part of energy giant E.ON. The partnership took place through its “Free Electrons” accelerator programme.

CEO Christophe Williams enthused that “Heat decarbonisation presents a huge economic opportunity. With investment from such major industry players, we’re confident we can capitalise on this global shift and look forward to other like-minded investors joining us on our journey”.